The move will result in some of the British staffers' jobs being replaced by those created in India, but the bank said that workers in the United Kingdom will not lose their jobs and be redeployed elsewhere in the group.

Lloyds TSB has 77,000 employees in Britain currently.

Workers' unions have, however, protested the move saying that this is first step towards export of more jobs. Many British companies are moving jobs offshore, especially to India and China, in a bid to cut costs. Sending jobs to low-wage locations results in big savings for companies.